In 1985 Kerkorian sold the two hotel-casinos to Bally’s, retaining the rights to the MGM name in the deal. Founder Kerkorian retained a 47% stake in both companies. In 1980, the film studio was spun-off into a new company. In 1979 most of the company’s income was from the two hotel-casinos and the company announced it would split into two. He opened the MGM Grand Hotel and Casino in 1973 and the MGM Grand Reno in 1978. When the casino he had built, the Las Vegas Hilton, became the most successful casino in Las Vegas, he was inspired to lead his new film studio into the gambling industry. In 1969 Kirk Kerkorian bought a controlling interest in Metro-Goldwyn-Mayer film studio.īecause of the debt incurred from this venture, Kerkorian was forced to sell his casino company, International Leisure, to Hilton Hotels.
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